Strengthening scholarship support The late Daniel D. Federman, AB ’49, MD ’53, a beloved member of the Harvard Medical School community, was a champion for students, saved lives, comforted families, transformed careers, and changed the School and the field of medicine for the better. It’s no wonder, then, that in 2007, the members of the Class of 1957 marked their 50th Reunion by establishing an endowed scholarship fund in Federman’s honor. Their class gift would provide financial assistance in perpetuity to those HMS students with the greatest need.
“The cost of education, particularly for the underprivileged, is outrageous, and I want to give any help I can.” Sidney Alexander
One class member who has been contributing to the fund since its creation is Sidney Alexander, MD ’57, a longtime cardiologist at Lahey Hospital & Medical Center, formerly the Lahey Clinic. While he has been a generous Harvard supporter for the past 40 years—as has his wife, Susan Alexander, EdM ’57—he saved his biggest gift for last, recently donating $100,000 to the Class of 1957 Endowed Scholarship Fund. “Harvard Medical School is a great institution and deserves support,” says Alexander. “The cost of education, particularly for the underprivileged, is outrageous, and I want to give any help I can.” The Chi-Li Pao Foundation USA shares Alexander’s concern that underprivileged students might not be able to afford to attend HMS. To address this concern, the foundation began supporting the REACH scholarship program. Administered through HMS’s need-based financial aid program, REACH decreases the loan burden for students who demonstrate qualities of Resilience, Excellence, Achievement, Compassion, and Helping the underserved. This funding makes it more feasible for students from disadvantaged backgrounds, including those historically underrepresented in medicine, to accept HMS admission offers. “We believe the challenges and problems our society faces will best be addressed by individuals with diverse backgrounds and broad perspectives who will be inspired and transformed by the education that the Harvard experience will provide,” says Gloria S. Kim, MD, Chi-Li Pao Foundation USA trustee. Created in honor of Chi-Li Pao, a shipping magnate and generous philanthropist, the foundation recently gave another $200,000 to HMS in support of REACH. “The Foundation supports the REACH program for the benefit of mankind,” Kim says.
Trust-worthy investment For Paul L. Weiden, AB ’63, MD ’67, philanthropic support of Harvard is a rewarding family tradition that began when his mother established a charitable remainder unitrust (CRUT) in 1997 to benefit herself and then her son—and, ultimately, both Harvard College and HMS. Following his mother’s lead, Weiden decided to set up CRUTs on a consistent basis for Reunions of both the College and the Medical School as part of his tax strategy and estate planning. Most recently, he made a generous gift to fund a CRUT to mark his 55th HMS Reunion. “This has provided meaningful tax savings and regular income, the latter intended primarily for the long-term support of my wife, Beverly Linkletter, who is younger, and of course, ultimately, for students who will receive support from the Weiden Family Scholarship Fund,” says Weiden, who is optimistic that his children, both Harvard College graduates, will choose to continue this tradition. When establishing a CRUT at HMS, the donor transfers assets into a tax-exempt account and Harvard oversees investment of the trust assets, with no fee charged to the donor. The donor and his or her designated beneficiaries are paid a percentage of the trust’s value as income, typically between 5% and 7%. As the value of the trust changes, so too does the donor’s income. Upon the death of the last income beneficiary, the remainder of the trust is distributed to HMS. A CRUT established by the late Donald F. Wallach, MD ’53, recently distributed funds to HMS that will establish a scholarship named after Wallach and his wife, Francesca, who died in 2020. Wallach, a former scholarship student himself, was an internationally accomplished biochemist and biophysicist who was the first scientist to recognize biological cellular membrane systems.
Pulse • spring 22 07
Financial aid and education